Q2 2012 Columbia, South Carolina Apartment Property Sales Analysis

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Q2 2012 Columbia, South Carolina Apartment Property Sales Analysis


Apartment properties, in contrast, have been selling, a pattern that continued in the third quarter (see Special Real Estate Factors). In the second quarter two properties sold for $17.1 million at a mean price of $52,000 per unit and a mean cap rate of 7.0%. The rolling 12 month cap rate for the quarter, based on five deals, was just 5.8%, up from prior readings. In the larger of the two second quarter deals, Trinity Group sold the 220-unit Tamarind at Stoneridge in Columbia to Cresof Taramind LLC for $10 million ($45,500 per unit). The deal closed in May.